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颁布日期:20010428  实施日期:20011001  颁布单位:全国人大常委会 (来源:英语论坛 http://bbs.englishcn.com)

  Order of the President of the People's Republic of China

  No.50

  The Trust Law of the People's Republic of China, adopted at the 21st Meeting of the Standing Committee of the Ninth National People's Congress of the People's Republic of China on April 28,2001, is hereby promulgated and shall go into effect as of October 1,2001.

  Jiang Zemin

  President of the People's Republic of China

  April 28,2001

  (Adopted at the 21st Meeting of the Standing Committee of the Ninth National People's Congress on April 28,2001)

  Contents

  Chapter I General Provisions

  Chapter II Creation of a Trust

  Chapter III Trust Property

  Chapter IV The Parties Concerned in a Trust

  Section 1 The Settler

  Section 2 The Trustee

  Section 3 The Beneficiary

  Chapter V Modification in and Termination of a Trust

  Chapter VI The Charitable Trust

  Chapter VII Supplementary Provisions

  Chapter I

  General Provisions

  Article 1 This Law is enacted in order to regulate trust relationship, to standardize trust acts, to protect the lawful rights and interests of the parties involved in a trust, and to promote the healthy development of trust undertakings.

  Article 2 For purposes of this Law, trust refers to that the settler, based on his faith in trustee, entrusts his property rights to the trustee and allows the trustee to, according to the will of the settler and in the name of the trustee, administer or dispose of such property in the interest of a beneficiary or for any intended purposes.

  Article 3 This Law shall be applicable to the settlers, trustees, and beneficiaries(hereinafter collectively referred to as the “parties concerned”)that engage in civil, business or public welfare trust activities within the People's Republic of China.

  Article 4 With regard to trustees that engage in trust activities in the form of trust institutions, the State Council shall formulate specific measures for the organization and administration of such institutions.

  Article 5 When carrying out trust activities, the parties concerned must obey laws and administrative regulations and observe the principles of voluntaries, fairness and good faith and they may not impair the interests of the State and the public.

  Chapter II

  Creation of a Trust

  Article 6 A trust shall be created for lawful trust purposes.

  Article 7 To create a trust, there must be definite property under the trust, and such property must be the property lawfully owned by the settler.

  For purposes of this Law, the property includes the lawful property right.

  Article 8 The creation of a trust shall take the form of writing.

  The form of writing shall consist of trust contracts, testament, or other documents specified by laws and administrative regulations.

  Where a trust is created in the form of trust contract, the trust shall be deemed created when the said contract is signed. Where a trust is created in any other form of writing, the trust is deemed created when the trustee accepts the trust.

  Article 9 The following items shall be stated clearly in the written documents required for the creation of trust:

  (1)purposes of the trust;

  (2)the names and addresses of the settler and trustee;

  (3)the beneficiary or beneficiaries

  (4)the scope, types and status of the assets under trust; and

  (5)the form means through which the beneficiary gains benefits from the trust.

  In addition to the items mentioned above, the period of the trust, the methods for the administration of the property under trust, remuneration payable to the trustee, manner for appointing another trustee, the cause for termination of the trust, etc. May be stated clearly.

  Article 10 Where laws or administrative regulations stipulate that registration formalities shall be gone through accordingly.

  Anyone who fails to go through the registration formalities prescribed in the preceding paragraph shall go through the formalities as required; otherwise, the trust shall have no effect.

  Article 11 Under any one of the following circumstances the trust shall be invalid:

  (1)The purposes of the trust constitute a violation of laws or administrative regulations, or impair public interest.

  (2)The property under trust cannot be fixed;

  (3)The settler creates the trust with unlawful property or with property which, according to this law, may not be used for creating a trust;

  (4)The trust is created specially for the purpose of taking legal actions or for recovering debts;

  (5)The beneficiary or beneficiaries cannot be determined; and

  (6)Other circumstances stipulated in laws or administrative regulations.

  Article 12 Where a settler creates a trust to the detriment of the interest his creditors, the creditors shall have the right to apply to the People's Court for revoking the trust.

  Where the People's Court revokes the trust according to the provisions of the preceding paragraph, the benefits already derived from the trust by the bona tide trustee shall not be affected.

  The right of application prescribed in the first paragraph of this Article shall be terminated if it is not exercised within one year beginning from the date the creditor knows of or should know of the reasons for the revocation of the trust.

  Article 13 For the creation of a testamentary trust, the provisions in the Law of Succession concerning testamentary succession shall be observed.

  Where the person designated in a testament refuses or is unable to act as a trustee, the beneficiary shall appoint another person as the trustee; where the beneficiary is a person who has no civil capacity or limited capacity for civil conduct, his guardian shall appoint the trustee on his behalf. If there are other provisions in the testamentary instrument for governing the appointment of a trustee such provisions shall prevail.

  Chapter III

  Trust Property

  Article 14 The property obtained by the trustee due to a trust accepted is trust property.

 
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